Brazilian insurers see premiums drop
The Brazilian insurance sector contracted in January due to the negative impact from two important products.
Written premiums, including savings bonds but excluding health insurance, totaled 18.8bn reais (US$5.68bn), down 6.7% from the first month of 2017, according data from regulator Susep and compiled by insurance confederation CNSeg.
Contributions to the popular VBGL pension product and premiums from mandatory vehicle insurance product DPVAT decreased 23.4% and 19.5%, respectively.
The decreases were due to the downward trend of the Selic benchmark interest rate in the case of VBGL and a decision last year to reduce the DPVAT premium for 2018, said Lauro Faria, an economist at Escola Nacional de Seguros, a research department of CNseg.
Excluding the impact from the two products, the volume of written premiums grew 8.8% in January.
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